Texas Pacific Land (NYSE:TPL) Upgraded at Zacks Research

Texas Pacific Land (NYSE:TPL) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $394.58 on Wednesday. The firm has a market cap of $27.21 billion, a PE ratio of 54.05 and a beta of 0.58. The stock’s fifty day moving average price is $395.05 and its two-hundred day moving average price is $420.07. Texas Pacific Land has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Sell-side analysts expect that Texas Pacific Land will post 8.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of large investors have recently modified their holdings of the business. Quarry LP bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at $29,000. Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth $33,000. Triumph Capital Management acquired a new stake in Texas Pacific Land in the third quarter valued at about $36,000. MUFG Securities EMEA plc acquired a new stake in Texas Pacific Land in the second quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC grew its position in Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 12 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.